Conference Spotlight: Wal-Mart's Bluebird Prepaid Card

Demystifying Prepaid Cards Workshop  - Friday November 16th 8:15 am – 9:30 am

The largely unregulated prepaid card industry has spread across the nation as an alternative to check cashing, checking accounts, credit cards, and even cash. The gulf of differences among prepaid cards, the companies which offer them, and the vast array of fees, often undisclosed prior to purchase, make it difficult to determine if it is the right product for consumers. The Demystifying Prepaid Cards Workshop will help shed light what positive features people should look for, what are some red flags, how community groups are using them, and what are some efforts to regulate the industry.

Demystifying Prepaid Cards Workshop Speakers:

• Navid Vazire and Veronica Spicer of the Consumer Financial Protection Bureau (CFPB),
• Janet Raffel of the Center for Economic Progress (CEP)
• Monica SanMiguel of Center for Financial Services Innovation (CFSI)

This workshop session comes at a time when the prepaid card industry leapt forward with the introduction of Wal-Mart and American Express' Bluebird prepaid card. Reported in the New York Times, the Bluebird prepaid card will be sold by Wal-Mart with American Express as their financial partner. This is the second prepaid card sold by Wal-Mart. Bluebird will offer greater support services through American Express than Wal-Mart’s previous prepaid MoneyCard, offered through GreenDot, likely making it more popular. Few details of the Bluebird prepaid card have been released, but we do know:

• No Credit Check prior to opening an account
• Direct Deposit
• Fee of $2 per withdrawal without direct deposit
• Menu of fees will be universal regardless of where you live

The introduction of this new prepaid card by Wal-Mart and American Express will only expand the footprint of the prepaid card market. Stay ahead of this wave by attending the 2012 IABG Conference in Champaign, IL November 15th-16th.

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